Cryptocurrency

Brad Garlinghouse Says the SEC Aided Ethereum to Overtake XRP as Second-Largest Crypto

Brad Garlinghouse, Ripple CEO, has recently discussed his opinion in relation to the current state of the crypto market and regulations. He also discussed how the approach of the United States Securities and Exchange Commission (SEC) favors Ethereum (ETH), the second-largest cryptocurrency by market capitalization.

On 21st October, during the DC Fintech Week virtual conference, Garlinghouse claimed that Ethereum (ETH) had long been granted a regulatory green light, aiding it to overtake the digital token XRP as the second-largest cryptocurrency.

Read Also: Ripple Partners with Largest Bank in Middle East and Africa to Improve Cross-Border Payments

Since December 2020, both the SEC and the cross-border payment firm Ripple have been in a legal tussle over the claim that XRP was sold for seven years as an unregistered security.

In January 2021, the blockchain-based payment firm filed a Freedom of Information Act request with the SEC demanding why Ethereum (ETH) is not considered a security. So in July, based on this request, a district judge allowed Ripple to depose a former SEC official who declared in 2018 that Ethereum is a currency.

The SEC Aids Ethereum to Displace XRP

According to Ripple CEO, the success of Ethereum over the years can be attributed to the favorable treatment by the SEC, unlike Ripple and XRP.

Brad Garlinghouse noted:

“Within the last few years, XRP was the second most valuable digital asset. As it became clear the SEC had given a hall pass to ETH, ETH obviously has kind of exploded and that clarity has helped.”

Read Also: Judge Permits Ripple to Depose SEC Official Who Classified Ethereum (ETH) As a Currency

In late 2017, XRP was the second-largest cryptocurrency. But the digital currency has since dropped down to the seventh position due to the allegation leveled against Ripple by the SEC. On the other hand, Ethereum has maintained the second position in the market ever since.


Follow us on Twitter, Facebook, Telegram, and Download Our Android App

Solomon Odunayo

Solomon is a trader, crypto enthusiast, and analyst with over four years of experience in the industry. He strongly believes that crypto assets and the blockchain will continue to gain prominence. At TimesTabloid.com, he focuses on news, articles with deep analysis of blockchain projects, and technical analysis of crypto trading pairs.

Recent Posts

Sui Turns One: Debut Year of Growth and Tech Breakthroughs Puts Sui at Forefront of Web3

Grand Cayman, Cayman Islands, May 3rd, 2024, ChainwireProtocol launches, growth trajectory, and industry-leading technology point…

3 hours ago

Shiba Inu (SHIB) to $0.00007? Analyst Cites a Forming Bullish Flag

The cryptocurrency market experienced a positive shift yesterday (May 2nd), with Shiba Inu (SHIB) emerging…

3 hours ago

Why This $127 Million Shiba Inu (SHIB) Is A Trend Decider

Shiba Inu (SHIB) has experienced a significant price decline in recent days, losing over 8%…

5 hours ago

Shiba Inu Fee Spikes 5x, What’s Happening?

In the past 24 hours, transaction fees on Shibarium, Shiba Inu's layer-2 scaling solution, have…

6 hours ago

BlockDAG’s Strategic Innovations And Outstanding $22.4M Presale Shines Amidst Litecoin and Binance Coin Developments

BlockDAG is making significant strides in the cryptocurrency market by introducing a new vesting strategy…

7 hours ago

ChatGPT Predicts Terra Classic (LUNC) Price For May 31, 2024

The cryptocurrency world is always abuzz with speculation about where prices will go next. Terra…

9 hours ago